Отчет Bank of America
Отчитался лучше ожиданий по EPS.
Bank of America beats by $0.06 Price: 9.46 Change:
Reports Q3 (Sep) net of breakeven, $0.06 better than the Capital IQ Consensus Estimate of ($0.06); As previously reported, the third quarter of 2012 was negatively impacted by $1.9 billion of debit valuation adjustments (DVA) and fair value option (FVO) adjustments related to the improvement in the company's credit spreads, $1.6 billion for total litigation expense, including a charge for the previously announced settlement of the Merrill Lynch class action litigation, and a charge of $0.8 billion related to the repricing of certain deferred tax assets due to a reduction in the U.K. corporate tax rate. Together, these three items totaled a negative $0.28 per share
Revenues were $20.65 bln down 28.0% year/year; Revenues excluding DVA and FVO were $22.52 bln.
Capital & Valuations
Regulatory capital ratios increased with the Tier 1 common capital ratio under Basel 1 increasing to 11.41% in the third quarter of 2012, up 17 bps from the second quarter of 2012 and 276 bps higher than the third quarter of 2011. The Tier 1 common capital ratio under Basel 3 on a fully phased-in basis was estimated at 8.97% as of September 30, 2012, up from 7.95% at June 30, 2012. Tangible book value per share increased to $13.48 at September 30, 2012, compared to $13.22 at both June 30, 2012 and September 30, 2011. Book value per share was $20.40 at September 30, 2012, compared to $20.16 at June 30, 2012 and $20.80 at September 30, 2011.
The provision for credit losses was flat compared to the second quarter of 2012 but down 48% y/y, reflecting improved credit quality across most major consumer and commercial portfolios and the impact of underwriting changes implemented over the past several years. Consumer loan loss rates in the third quarter of 2012 were at their lowest level since the fourth quarter of 2007. The provision for credit losses in the third quarter of 2012 decreased $654 million from the year-ago quarter to $264 million
Average deposit balances increased 3% y/y, driven by growth in liquid products in a low-rate environment. The average rate paid on deposits declined 5 bps y/y due to pricing discipline and a shift in the mix of deposits.
Bank of America funded $21.2 billion in residential home loans and home equity loans during the third quarter of 2012, up 12% from the second quarter of 2012, and 18% higher than the third quarter of 2011, excluding correspondent originations of $15.9 billion in the year-ago quarter. The company exited the correspondent business in late 2011. Representations and warranties provision was $307 million in the third quarter of 2012, compared to $395 million in the second quarter of 2012 and $278 million in the third quarter of 2011.
Fixed Income, Currency and Commodities sales and trading revenue, excluding DVA, was $2.5 billion in the third quarter of 2012, an increase of $2.0 billion from the year-ago quarter. Quantitative easing, spread tightening and improved mortgage markets contributed to a solid quarter. Equities sales and trading revenue, excluding DVA, was $712 million, a decline of $41 million from the year-ago quarter as volumes remained at low levels impacting commission revenue.
Net Interest Income
Net interest income, on an FTE basis, decreased 5% y/y, as lower consumer loan balances were partially offset by ongoing reductions in long-term debt balances and lower rates paid on deposits. Relative to the second quarter of 2012, net interest income increased 4%.
Noninterest income decreased $7.5 billion from the year-ago quarter, driven largely by negative DVA and FVO adjustments and lower equity investment income. Equity income was down $1.2 billion from the third quarter of 2011 as the year-ago period included net gains related to equity and strategic investments.
Noninterest expense was re